Data from the Australian Bureau of Labor Statistics (ABS) released this Thursday morning showed an increase in unemployment rates in October to 5.2%, compared to 4.6% in September, exceeding expectations that indicated a rise to 4.8%, in contrast, participation rates rose to 64.7% from 64.5%.

The number of the unemployed in October was about 707.300 thousand people, compared to 625,500 thousand in September, after the economy lost about 46.3 thousand jobs in October, so that the September reading was adjusted to a loss of 141 thousand jobs (expectations added 50 thousand jobs).

This report from the Australian labor market reflected the closures and restrictions across Australia in the third quarter of the year and before the reopenings now underway, and it is not excluded that the Australian economy will regain what it lost in October in the coming weeks.

On a related front, the Melbourne Institute of Inflation Expectations report issued a warning that inflation will rise by 4.6% on an annual basis in November, after a reading of about 3.6% in October.

Therefore, if the expectations are true, the Reserve Bank of Australia is expected to recalculate and change its position regarding the date of raising interest rates.

. The Australian dollar is trading on a decline against the US dollar at levels of 73.01, the lowest level for the pair in a month, with a loss of more than 30 points.